BTC has lost the 30k support area and is now sitting at around 29k
We don't seem to have a lot of buying power here so I expect lower still.
However if we do reverse we want 30.4k to be reclaimed before looking for higher.
Areas that we want to look for longs are 28.7k, 28k, 26k, and we have a fib golden pocket from 24.5 to 27.1k
What we want to see on the lower time frame is a bullish candle formation such as a big buying wick or an engulfing pattern for example to confirm a trend reversal, but we need good continuation.
For example yesterday we had the strong buying wick after hitting the 30.4k daily level but we didn't get continuation which was a sign of weakness.
So be careful, and look for opportunities, because they are here.
Any questions?
Good luck traders
Remember not to break your rules
Habib
We don't seem to have a lot of buying power here so I expect lower still.
However if we do reverse we want 30.4k to be reclaimed before looking for higher.
Areas that we want to look for longs are 28.7k, 28k, 26k, and we have a fib golden pocket from 24.5 to 27.1k
What we want to see on the lower time frame is a bullish candle formation such as a big buying wick or an engulfing pattern for example to confirm a trend reversal, but we need good continuation.
For example yesterday we had the strong buying wick after hitting the 30.4k daily level but we didn't get continuation which was a sign of weakness.
So be careful, and look for opportunities, because they are here.
Any questions?
Good luck traders
Remember not to break your rules
Habib